Delaware | 1-10582 | 41-1672694 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
45101 Warp Drive Dulles, Virginia | 20166 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit No. | Description | ||
99.1 | Press release, dated October 27, 2015, reporting Orbital ATK Inc.’s financial results for the quarter ended October 4, 2015. |
ORBITAL ATK, INC. | ||
By: | /s/ Garrett E. Pierce | |
Name: | Garrett E. Pierce | |
Title: | Chief Financial Officer | |
Date: October 27, 2015 |
Third Quarter | First Nine Months | |||||||||||||
($ in millions, except per share data) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Revenues | $ | 1,135 | $ | 1,112 | $ | 3,381 | $ | 3,322 | ||||||
Operating Income | 134.9 | 120.5 | 383.1 | 310.5 | ||||||||||
Net Income | 80.0 | 69.0 | 224.1 | 174.3 | ||||||||||
Diluted Earnings Per Share | $ | 1.35 | $ | 1.15 | $ | 3.77 | $ | 2.92 | ||||||
Adjusted results. See reconciliation tables in the "Disclosure of Non-GAAP Financial Measures" section for details. |
Third Quarter | First Nine Months | |||||||||||||||
($ in millions) | 2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||
Revenues | $ | 325 | $ | 366 | (11.4 | )% | $ | 1,089 | $ | 1,118 | (2.6 | )% | ||||
Operating Income | 51.1 | 51.3 | (0.4 | )% | 153.9 | 129.5 | 18.8 | % | ||||||||
Operating Margin | 15.8 | % | 14.0 | % | 14.1 | % | 11.6 | % | ||||||||
Adjusted results. See reconciliation tables in the "Disclosure of Non-GAAP Financial Measures" section for details. |
Third Quarter | First Nine Months | |||||||||||||||
($ in millions) | 2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||
Revenues | $ | 453 | $ | 487 | (7.0 | )% | $ | 1,394 | $ | 1,449 | (3.8 | )% | ||||
Operating Income | 43.4 | 51.0 | (14.9 | )% | 139.5 | 137.2 | 1.6 | % | ||||||||
Operating Margin | 9.6 | % | 10.5 | % | 10.0 | % | 9.5 | % | ||||||||
Adjusted results. See reconciliation tables in the "Disclosure of Non-GAAP Financial Measures" section for details. |
Third Quarter | First Nine Months | |||||||||||||||
($ in millions) | 2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||
Revenues | $ | 371 | $ | 282 | 31.9 | % | $ | 968 | $ | 823 | 17.6 | % | ||||
Operating Income | 41.6 | 23.0 | 80.7 | % | 105.1 | 58.3 | 80.2 | % | ||||||||
Operating Margin | 11.2 | % | 8.2 | % | 10.9 | % | 7.1 | % | ||||||||
Adjusted results. See reconciliation tables in the "Disclosure of Non-GAAP Financial Measures" section for details. |
• | In the Flight Systems Group, on-schedule progress continued on the integration of the new main stage propulsion system for the Antares rocket. Repairs to the Mid-Atlantic Regional Spaceport launch pad were completed and system testing is now underway in preparation for the resumption of cargo delivery missions from Wallops Island in 2016. Additionally, Orbital ATK carried out two successful flights of its Coyote naval target missile and supported several successful customer launches with propulsion systems and composite structures, including a Minuteman III missile for the Air Force and three ULA operations including two Atlas V and one Delta IV space launch vehicles. The company also reached production milestones in its aerospace structures division, including the production of the 50,000th composite part for the Airbus A350 program and the delivery of its 500th part for the Boeing 787 program. |
• | In the Defense Systems Group, the company delivered more than 6,400 tactical missile rocket motors, warheads and related products, and approximately 300 million rounds of small- and medium-caliber ammunition in the third quarter. The company’s Precision Guidance Kit program achieved 100% successful testing results and made its first delivery to an international customer. The AARGM tactical missile program reached a production rate of 15 units per month and scored a direct operational hit against a mobile target using upgraded guidance software during the quarter. The company also successfully tested a new scramjet engine combustor that was built through an additive manufacturing process. |
• | In the Space Systems Group, two company-built GSSAP satellites entered operational service for the U.S. Air Force during the third quarter in support of a program to enhance space situational awareness in geosynchronous orbit. In addition, final testing of the Thaicom-8 commercial communications satellite progressed toward delivery by the end of the year. Orbital ATK also carried out eight successful research rocket and scientific balloon missions in the quarter. The company’s next cargo delivery mission to the International Space Station for NASA remains on schedule for an early December launch aboard an Atlas V rocket from Cape Canaveral, Florida. The Cygnus spacecraft for this mission completed testing |
Guidance | Previous 2015 Guidance | Current 2015 Guidance |
Revenues ($ in millions) | $4,425 - $4,500 | $4,450 - $4,500 |
Operating Income Profit Margin | 10.5% - 11.0% | 10.75% - 11.0% |
Diluted Earnings Per Share | $4.60 - $4.80 | $4.75 - $4.85 |
Free Cash Flow ($ in millions) | $225 - $275 | $225 - $275 |
Operating | Operating | |||||||||
($ in millions, except per share data) | Revenue | Income | Margin | |||||||
As Reported | $ | 1,135 | $ | 123.9 | 10.9 | % | ||||
Merger-related adjustments (1) | — | 11.0 | ||||||||
As Adjusted | $ | 1,135 | $ | 134.9 | 11.9 | % | ||||
Interest expense (2) | (14.8 | ) | ||||||||
Taxes (3) | (39.9 | ) | ||||||||
Minority Interest | (0.1 | ) | ||||||||
Adjusted Net Income | $ | 80.0 | ||||||||
Adjusted EPS (4) | $ | 1.35 | ||||||||
(1) Includes the impact of transaction expenses and merger related costs. | ||||||||||
(2) Interest expense excludes an approximately $9 million charge related to the September 2015 debt refinance transaction. | ||||||||||
(3) Calculated using an effective tax rate of 33.2%. | ||||||||||
(4) Calculated using a diluted share count of 59.3 million. |
Operating | Operating | |||||||||
($ in millions, except per share data) | Revenue | Income | Margin | |||||||
Continuing Operations, As Reported | $ | 3,235 | $ | 248.6 | 7.7 | % | ||||
Orbital results for Jan. 1 to Feb. 8, 2015 | 129 | (7.5 | ) | |||||||
$ | 3,364 | $ | 241.1 | 7.2 | % | |||||
Transaction expenses | 33.4 | |||||||||
Severance and accelerated vesting | 25.2 | |||||||||
Intangible amortization | (7.0 | ) | ||||||||
Goodwill impairment | 34.3 | |||||||||
Legal settlement | 25.0 | |||||||||
Other (1) | 17 | 31.1 | ||||||||
As Adjusted | $ | 3,381 | $ | 383.1 | 11.3 | % | ||||
Interest expense (2) | (44.7 | ) | ||||||||
Taxes (3) | (114.1 | ) | ||||||||
Minority Interest | (0.2 | ) | ||||||||
Adjusted Net Income | $ | 224.1 | ||||||||
Adjusted EPS (4) | $ | 3.77 | ||||||||
(1) Includes change in intracompany eliminations, restructuring and other transaction impacts. | ||||||||||
(2) Interest expense excludes an approximately $9 million charge related to the September 2015 debt refinance transaction. | ||||||||||
(3) Calculated using an effective tax rate of 33.8%. | ||||||||||
(4) Calculated using a diluted share count of 59.48 million. |
Operating | Operating | |||||||||
($ in millions, except per share data) | Revenue | Income | Margin | |||||||
Continuing Operations, As Reported | $ | 743 | $ | 80.2 | 10.8 | % | ||||
Orbital results for July 1 to September 30, 2014 (1) | 338 | 33.9 | ||||||||
$ | 1,081 | $ | 114.1 | 10.5 | % | |||||
Intangible amortization | (11.8 | ) | ||||||||
Transaction expenses | 9.0 | |||||||||
Change in intracompany eliminations | 31 | 9.1 | ||||||||
As Adjusted | $ | 1,112 | $ | 120.5 | 10.8 | % | ||||
Interest expense (2) | (15.8 | ) | ||||||||
Taxes (3) | (35.6 | ) | ||||||||
Minority Interest | (0.1 | ) | ||||||||
Adjusted Net Income | $ | 69.0 | ||||||||
Adjusted EPS (4) | $ | 1.15 | ||||||||
(1) Per Orbital Sciences Corporation Form 10-Q for the quarter ended September 30, 2014. | ||||||||||
(2) Calculated assuming a blended interest rate of 3.6% on $1.6 billion average outstanding debt. | ||||||||||
(3) Calculated using an effective tax rate of 34%. | ||||||||||
(4) Calculated using a diluted share count of 59.75 million. |
Operating | Operating | |||||||||
($ in millions, except per share data) | Revenue | Income | Margin | |||||||
Continuing Operations, As Reported | $ | 2,249 | $ | 230.1 | 10.2 | % | ||||
Orbital results for January 1 to September 30, 2014 (1) | 979 | 84.1 | ||||||||
$ | 3,228 | $ | 314.2 | 9.7 | % | |||||
Transaction expenses | 22.3 | |||||||||
Intangible amortization | (36.8 | ) | ||||||||
Pension close-out | (30 | ) | (30.5 | ) | ||||||
Environmental settlement | 5.2 | |||||||||
Change in intracompany eliminations | 124 | 25.5 | ||||||||
Facility Rationalization | 10.6 | |||||||||
As Adjusted | $ | 3,322 | $ | 310.5 | 9.3 | % | ||||
Interest expense (2) | (46.2 | ) | ||||||||
Taxes (3) | (89.9 | ) | ||||||||
Minority Interest | (0.1 | ) | ||||||||
Adjusted Net Income | $ | 174.3 | ||||||||
Adjusted EPS (4) | $ | 2.92 | ||||||||
(1) Per Orbital Sciences Corporation Form 10-Q for the quarter ended September 30, 2014. | ||||||||||
(2) Calculated assuming a blended interest rate of 3.6% on $1.6 billion average outstanding debt. | ||||||||||
(3) Calculated using an effective tax rate of 34%. | ||||||||||
(4) Calculated using a diluted share count of 59.63 million. |
Third Quarter 2015 | First Nine Months 2015 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 325 | $ | 51.1 | 15.8 | % | $ | 1,051 | $ | 151.9 | 14.5 | % | ||||
Orbital results for Jan. 1 to Feb. 8, 2015 | — | — | 38 | 2.0 | ||||||||||||
As Adjusted | $ | 325 | $ | 51.1 | 15.8 | % | $ | 1,089 | $ | 153.9 | 14.1 | % |
Third Quarter 2014 | First Nine Months 2014 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 252 | $ | 34.5 | 13.7 | % | $ | 756 | $ | 89.2 | 11.8 | % | ||||
Orbital results (1) | 130 | 16.8 | 393 | 39.6 | ||||||||||||
$ | 382 | $ | 51.3 | 13.4 | % | $ | 1,149 | $ | 128.8 | 11.2 | % | |||||
Other eliminations | (16 | ) | (31 | ) | 0.8 | |||||||||||
As Adjusted | $ | 366 | 51.3 | 14.0 | % | $ | 1,118 | 129.5 | 11.6 | % | ||||||
(1) Per Orbital Sciences Corporation Form 10-Q for quarter ended September 30, 2014. |
Third Quarter 2015 | First Nine Months 2015 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 453 | $ | 35.3 | 7.8 | % | $ | 1,387 | $ | 119.4 | 8.6 | % | ||||
Transaction-related impacts | — | 8.1 | 7 | 20.1 | ||||||||||||
As Adjusted | $ | 453 | $ | 43.4 | 9.6 | % | $ | 1,394 | $ | 139.5 | 10.0 | % |
Third Quarter 2014 | First Nine Months 2014 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 488 | $ | 50.3 | 10.3 | % | $ | 1,478 | $ | 135.9 | 9.2 | % | ||||
Pension close out and other eliminations | (1 | ) | 0.7 | (29 | ) | 1.3 | ||||||||||
As Adjusted | $ | 487 | $ | 51.0 | 10.5 | % | $ | 1,449 | $ | 137.2 | 9.5 | % |
Third Quarter 2015 | First Nine Months 2015 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 371 | $ | 41.6 | 11.2 | % | $ | 872 | $ | 64.5 | 7.4 | % | ||||
Orbital results for Jan. 1 to Feb. 8, 2015 | — | — | 92 | 2.3 | ||||||||||||
$ | 371 | $ | 41.6 | 11.2 | % | $ | 965 | $ | 66.8 | 6.9 | % | |||||
Goodwill impairment | — | — | — | 34.3 | ||||||||||||
Transaction-related impacts | — | — | 4 | 4.0 | ||||||||||||
As Adjusted | $ | 371 | $ | 41.6 | 11.2 | % | $ | 968 | $ | 105.1 | 10.9 | % |
Third Quarter 2014 | First Nine Months 2014 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 78 | $ | 4.8 | 6.2 | % | $ | 240 | $ | 19.1 | 8.0 | % | ||||
Orbital results (1) | 212 | 19.7 | 599 | 41.8 | ||||||||||||
$ | 290 | $ | 24.5 | 8.5 | % | $ | 839 | $ | 60.9 | 7.3 | % | |||||
Other eliminations | (8 | ) | (1.5 | ) | (16 | ) | (2.5 | ) | ||||||||
As Adjusted | $ | 282 | 23.0 | 8.2 | % | $ | 823 | $ | 58.3 | 7.1 | % | |||||
(1) Per Orbital Sciences Corporation Form 10-Q for quarter ended September 30, 2014 |
Third | First Nine | |||||||
Quarter | Months | |||||||
($ in millions) | 2015 | 2015 | ||||||
Net cash used in/provided by continuing operating activities | $ | 141.0 | $ | 273.2 | ||||
Capital expenditures | (27.2 | ) | (104.7 | ) | ||||
113.8 | 168.5 | |||||||
Adjustments | 0.9 | (1) | (0.6 | ) | (2) | |||
Adjusted Free Cash Flow | $ | 114.7 | 167.9 | |||||
(1) Excludes litigation settlement and merger related cash expenditures. | ||||||||
(2) Includes Orbital cash flow for premerger period; excludes merger, litigation settlement and other non-recurring cash expenditures and | ||||||||
adjusts for the timing of certain significant cash expenditures. |
Third Quarter | ||||||||
(In millions, except per share data) | 2015 | 2014 | ||||||
Sales | $ | 1,134.9 | $ | 743.2 | ||||
Cost of sales | 884.7 | 579.8 | ||||||
Gross profit | 250.2 | 163.4 | ||||||
Operating expenses: | ||||||||
Research and development | 28.7 | 8.9 | ||||||
Selling | 28.1 | 23.2 | ||||||
General and administrative | 69.5 | 51.1 | ||||||
Income from continuing operations, before interest, income taxes and | ||||||||
and noncontrolling interest | 123.9 | 80.2 | ||||||
Interest expense | (24.3 | ) | (23.3 | ) | ||||
Income from continuing operations, before income taxes and | ||||||||
and noncontrolling interest | 99.6 | 56.9 | ||||||
Income taxes | 33.1 | 15.6 | ||||||
Income from continuing operations, before noncontrolling interest | 66.5 | 41.3 | ||||||
Less net income attributable to noncontrolling interest | 0.1 | 0.1 | ||||||
Income from continuing operations of Orbital ATK, Inc. | 66.4 | 41.2 | ||||||
Discontinued operations: | ||||||||
Income from discontinued operations, before income taxes | — | 80.4 | ||||||
Income taxes | — | 26.5 | ||||||
Income from discontinued operations | — | 53.9 | ||||||
Net income attributable to Orbital ATK, Inc. | $ | 66.4 | $ | 95.1 | ||||
Basic earnings per common share: | ||||||||
Continuing operations | $ | 1.13 | $ | 1.30 | ||||
Discontinued operations | — | 1.70 | ||||||
Net income attributable to Orbital ATK, Inc. | $ | 1.13 | $ | 3.00 | ||||
Weighted-average number of common shares outstanding | 58,746 | 31,689 | ||||||
Diluted earnings per common share: | ||||||||
Continuing operations | $ | 1.12 | $ | 1.29 | ||||
Discontinued operations | — | 1.68 | ||||||
Net income attributable to Orbital ATK, Inc. | $ | 1.12 | $ | 2.97 | ||||
Weighted-average number of diluted common shares outstanding | 59,304 | 32,058 | ||||||
($ In millions) | October 4, 2015 | March 31, 2015 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 65 | $ | 139 | |||
Net receivables | 1,883 | 1,794 | |||||
Net inventories | 175 | 196 | |||||
Other current assets | 237 | 260 | |||||
Total current assets | 2,360 | 2,389 | |||||
Net property, plant and equipment | 798 | 807 | |||||
Goodwill | 1,875 | 1,875 | |||||
Other noncurrent assets | 378 | 433 | |||||
Total assets | $ | 5,411 | $ | 5,504 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 40 | $ | 60 | |||
Accounts payable | 227 | 158 | |||||
Other current liabilities | 708 | 879 | |||||
Total current liabilities | 975 | 1,097 | |||||
Long-term debt | 1,497 | 1,529 | |||||
Pension and other noncurrent liabilities | 1,033 | 1,090 | |||||
Total liabilities | 3,505 | 3,716 | |||||
Total equity | 1,906 | 1,788 | |||||
Total liabilities and equity | $ | 5,411 | $ | 5,504 | |||
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